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Non-Farm Payrolls Rise by 311,000 in February vs 205,000 Estimate; Unemployment Rate Jumps to 3.6%.

By:
James Hyerczyk
Updated: Mar 10, 2023, 13:50 GMT+00:00

There was some good news on the inflation side, as average hourly earnings rose 4.6% from a year ago, below the estimate for 4.8%.

Non-Farm Payrolls Report

U.S. labor market growth decelerated in February but was still stronger than forecasted despite the Federal Reserve’s efforts to slow the economy and reduce inflation.

Non-Farm Payrolls rose 311,000 in February, more than expected as jobs growth stays hot. They were forecast to increase by 225,000, while the unemployment rate jumped to 3.6% versus a 3.4% forecast.

Average hourly earnings rose 4.6% from a year ago, below the estimate for 4.8%. The monthly increase of 0.2% also was below the 0.4% estimate.

Though the jobs number was stronger than expectations, February’s growth represented a deceleration from an unusually strong January.

The year opened with a nonfarm payrolls gain of 504,000, a total that was revised down only slightly from the initially reported 517,000. December’s total also was taken down slightly, to 239,000, a decrease of 21,000 from the previous estimate.

Stocks were mixed following the release, while Treasury yields were mostly lower.

For a look at all of today’s economic events, check out our economic calendar.

About the Author

James Hyerczyk is a U.S. based seasoned technical analyst and educator with over 40 years of experience in market analysis and trading, specializing in chart patterns and price movement. He is the author of two books on technical analysis and has a background in both futures and stock markets.

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